CymaBay Therapeutics (NASDAQ:CBAY) Shares Down 4.6% After Insider Selling

Posted by Defense World Staff on May 23rd, 2023

Shares of CymaBay Therapeutics, Inc. (NASDAQ:CBAY – Get Rating) traded down 4.6% during mid-day trading on Monday following insider selling activity. The company traded as low as $8.68 and last traded at $8.69. 786,486 shares traded hands during trading, a decline of 52% from the average session volume of 1,639,025 shares. The stock had previously closed at $9.11.

Specifically, General Counsel Paul T. Quinlan sold 5,000 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $10.37, for a total value of $51,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Paul T. Quinlan sold 5,000 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $10.37, for a total value of $51,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charles Mcwherter sold 21,749 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $9.08, for a total value of $197,480.92. Following the completion of the transaction, the insider now owns 15,000 shares of the company’s stock, valued at approximately $136,200. The disclosure for this sale can be found here. Insiders have sold a total of 146,849 shares of company stock valued at $1,390,672 over the last three months. Company insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

CBAY has been the subject of a number of research reports. HC Wainwright raised their price objective on CymaBay Therapeutics from $10.00 to $12.00 in a research report on Friday, March 17th. BTIG Research initiated coverage on CymaBay Therapeutics in a research report on Thursday, March 9th. They set a “buy” rating and a $15.00 price objective for the company. StockNews.com upgraded CymaBay Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday. Piper Sandler raised their price objective on CymaBay Therapeutics from $12.00 to $19.00 and gave the stock an “overweight” rating in a research report on Sunday, January 29th. Finally, Cantor Fitzgerald raised their price objective on CymaBay Therapeutics from $13.00 to $15.00 in a research report on Tuesday, May 16th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $14.57.

CymaBay Therapeutics Trading Down 3.8 %

The firm has a market capitalization of $854.19 million, a price-to-earnings ratio of -7.42 and a beta of 0.27. The company has a fifty day moving average price of $9.51 and a 200-day moving average price of $7.28.

CymaBay Therapeutics (NASDAQ:CBAY – Get Rating) last announced its quarterly earnings results on Thursday, March 16th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.30). During the same period last year, the business earned ($0.34) EPS. As a group, sell-side analysts predict that CymaBay Therapeutics, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of CymaBay Therapeutics by 506.5% in the 3rd quarter. Royal Bank of Canada now owns 7,581 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 6,331 shares in the last quarter. Jane Street Group LLC bought a new position in shares of CymaBay Therapeutics in the 2nd quarter valued at approximately $36,000. Dorsey Wright & Associates bought a new position in shares of CymaBay Therapeutics in the 4th quarter valued at approximately $39,000. Great West Life Assurance Co. Can bought a new position in shares of CymaBay Therapeutics in the 1st quarter valued at approximately $40,000. Finally, Verition Fund Management LLC bought a new position in shares of CymaBay Therapeutics in the 2nd quarter valued at approximately $47,000. 73.54% of the stock is owned by institutional investors.

CymaBay Therapeutics Company Profile

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CymaBay Therapeutics, Inc engages in the provision and development of access to therapies for patients with liver and other chronic diseases with high unmet medical needs. Its products pipeline includes Seladelpar, MBX-2982, CB-0406, and CB-001. The company was founded on October 5, 1988 and is headquartered in Newark, CA.